Wyoming Cost of Living Index for the Second Quarter of 2013

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1 State of Wyoming Department of Administration and Information Economic Analysis Division 2800 Central Avenue Cheyenne, WY Ph. (307) Fax (307) FOR IMMEDIATE RELEASE Friday, October 4, 2013 Contact: Amy Bittner, Senior Economist Wyoming Cost of Living Index for the Second Quarter of 2013 Annual Statewide Inflation was 3.1% CHEYENNE The State of Wyoming, Economic Analysis Division reported that Wyoming experienced a 3.1% increase in annual (All Items) inflation from the second quarter of 2012 to the second quarter of Inflation is measured over six consumer categories. Annual inflation rates by consumer category for the second quarter 2013: Apparel (5.4%), Medical (4.3%), Housing (4.0%), Transportation (1.8%), Food (1.6%), and Recreation & Personal Care (1.1%). The five regions in the State also had increases in annual All Items inflation in the second quarter of The Southeast region recorded the highest annual increase (4.5%) followed by Central (4.1%), Southwest (2.8%), Northwest (2.3%), and Northeast (0.3%). WCLI inflation is measured over the year and represents the percent change in the price level of a standard basket of selected consumer items priced in the second quarter of 2013, compared with the price level of the same goods recorded one year ago (second quarter of 2012). The Comparative Cost of Living Index compares each county's price level to the statewide average (100) during the one particular time period, the second quarter of The Comparative Cost of Living Index ranked Teton (132) and Sublette (108) as the counties with higher All Items values in the second quarter of Teton County s All Items Index value of 132 indicates that the cost of living in Teton County was estimated 32% higher than the statewide average in the second quarter of The Housing category carries the largest weight in a consumer s budget and typically drives the overall Comparative Cost of Living Index values. Counties with lower All Items Comparative Cost of Living Index values in the second quarter of 2013 included Niobrara (87), Platte (87), and Big Horn (88). These counties have small, rural populations and typically report lower All Items Comparative Cost of Living Index values. Comparative Cost of Living Index values for all counties in Wyoming are listed in Table 1 on page 4. Movement in ranking from a previous survey does not indicate that the price level has increased or decreased in a particular county. Instead, these values reflect relative price levels in each county, at the time of data collection, compared with the statewide average of 100. Page 1 of 7

2 Comparative Cost of Living Index data were also produced by consumer category for every county. Counties with Housing Comparative Cost of Living Index values above the statewide average in the second quarter of 2013 included Teton (159), Sublette (110), Sweetwater (108), Converse (108), Campbell (104), Natrona (104), Carbon (102), Albany (101), and Laramie (101). Wyoming Comparative Cost of Living Index - Second Quarter of 2013 Teton 132 Park 96 Sheridan Big Horn Johnson Washakie 100 Hot Springs Campbell 103 Crook 92 Weston 91 Comparative Index- All Items Lincoln- Afton Sublette 108 Fremont 98 Natrona 101 Converse 102 Niobrara 87 Statewide = 100 Lincoln- Kemmerer 98 Kemmerer 95 Uinta 94 Sweetwater 104 Carbon 103 Albany 101 Platte Goshen Laramie Miles N W E S Note: Starting with the 2Q03 WCLI report, North Lincoln County (Afton) is included in the comparative index, and is tabulated seperately from South Lincoln County (Kemmerer). Source: Wyoming Economic Analysis Division Survey Methodology The second quarter of 2013 Wyoming Cost of Living Index (WCLI) is a summarization of price data collected in twenty-eight cities and towns throughout Wyoming over the period of July 10-12, The price data collected are used to build a Comparative Cost of Living Index by county and to estimate overall inflation rates for Wyoming and in five designated regions of the State. The WCLI consists of two parts, the Comparative Cost of Living Index which compares each county s cost of living in one period, and inflation which is measured year over year. A map of the 28 cities where price data were collected is on page 5. The WCLI provides a snapshot in time, with inflation comparing the second quarter of 2013 to the same time period, one-year prior (second quarter of 2012). The WCLI is a complement to the U.S. Consumer Price Index (CPI). Communities across the State are included in the WCLI based on the following criteria: First, the largest city or town in each county is priced; additionally, prices are collected in any city or town with populations greater than 5,000 or in cases of cities or towns having at least 85% of a county s largest community s population. In counties where only one community was priced, those prices were used to represent the entire county. In counties where two communities were Page 2 of 7

3 priced, a population weighted average of the prices for the two communities was used for the entire county. Also, starting with the second quarter 2003 WCLI report, Afton, in Lincoln County, was added as a sampling point through legislative action in Kemmerer is still priced. Afton and Kemmerer report separate Comparative Cost of Living Index numbers. Beginning with the second quarter of 2004, Afton, has been included in the inflation calculations. The 140 items surveyed were aggregated into six categories, which were then weighted using item weights from the U.S. Bureau of Labor Statistics (BLS), Consumer Price Index (CPI-U), reflective of their overall importance in the average consumer's budget. These categories, and their respective weight components, include Housing (47.4%), Transportation (16.8%), Food (14.3%), Recreation & Personal Care (9.3%), Medical (7.5%), and Apparel (4.7%) 1. The Housing category, due to its relative importance in the average consumer's budget, carries the largest weight factor and is the most influential category in both the comparative index and the inflation rates. The data were weighted by population to produce an overall, statewide inflation rate. Nationally, the inflation rate from June 2012 to June 2013 was 1.8% (CPI-U), as reported by the U.S. BLS in the Consumer Price Index, July 16, 2013 news release, again as compared to the Economic Analysis Division s statewide All Items rate of 3.1% over the same time-frame. The Division wishes to extend its sincere appreciation to all of the businesses and individuals whose cooperation and assistance made this survey possible. The WCLI is available on the Division s homepage at For additional information about the survey, please contact the Division, phone: (307) or aiead-info@wyo.gov. 1 Total may not add to due to rounding. Page 3 of 7

4 Table 1 - Wyoming Comparative Cost of Living Index - 2Q13 Prices as of July 10-12, 2013 (Statewide Average = 100) Index Number by Category: Recreation & COUNTY All Items Food Housing Apparel Transportation Medical Personal Care Teton Sublette Sweetwater Campbell Carbon Converse Natrona Albany Johnson Sheridan Fremont Laramie Park Lincoln-Afton Lincoln-Kemmerer Uinta Washakie Crook Hot Springs Weston Goshen Big Horn Platte Niobrara Starting with the 2Q03 Comparative Index, Lincoln-Afton was included. Table 2 - Annual Inflation Rates by Category Inflation Rate by Category (Statewide Average): Recreation & QUARTER: All Items Food Housing Apparel Transportation Medical Personal Care WEIGHTS: Q Q Q Q Q Q Q Q Q Q Q Q Q Note: Item weights may not add to 100 due to rounding. Note: The 2Q99 inflation calculations mark the first time the WCLI used all 23 counties to calculate the inflation rates. Previously, only 15 counties were used. Starting with the 2Q04 report, the inflation numbers include Lincoln-Afton. Table 3 - Annual Inflation Rates by Region Statewide Inflation Rate By Region (All Items): QUARTER: U.S. CPI* All Items Southeast Southwest Central Northeast Northwest 2Q Q Q Q Q Q Q Q Q Q Q Q Q Note: The 2Q99 inflation calculations mark the first time the WCLI used all 23 counties to calculate the inflation rates. Previously, only 15 counties were used. Starting with the 2Q04 report, the inflation numbers include Lincoln-Afton. * 4th Quarter represents the December to December and 2nd Quarter represents the June to June percent change in the US CPI-U. Regional Composition for Inflation Estimate: Southeast: Albany, Carbon, Goshen, Laramie, Niobrara, and Platte counties. Southwest: Lincoln-Kemmerer, Lincoln-Afton, Sublette, Sweetwater, and Uinta counties. Central: Converse, Fremont, and Natrona counties. Northeast: Campbell, Crook, Johnson, Sheridan, and Weston counties. Northwest: Big Horn, Hot Springs, Park, Teton, and Washakie counties. Page 4 of 7

5 Surveyed Communities and WCLI Regions Jackson Afton Park Teton Lincoln Kemmerer Evanston Uinta Sublette Pinedale Cody Green River Powell Fremont Lander Sweetwater Hot Springs Rock Springs Thermopolis Lovell Big Horn Riverton Greybull Worland Washakie Sheridan Rawlins Sheridan Buffalo Johnson Natrona Carbon Casper Campbell Crook Douglas Lusk Laramie Gillette Wheatland Sundance Newcastle Converse Niobrara Albany Platte Weston Laramie Goshen Torrington Cheyenne WCLI Regions Southeast: Albany, Carbon, Goshen, Laramie, Niobrara, and Platte Southwest: Lincoln (Kemmerer), Lincoln (Afton), Sublette, Sweetwater, and Uinta Central: Converse, Fremont, and Natrona Northeast: Campbell, Crook, Johnson, Sheridan, and Weston Northwest: Big Horn, Hot Springs, Park, Teton, and Washakie W N S E Note: Starting with the 2Q03 WCLI report, North Lincoln County (Afton) is included in the comparative index, and is tabulated seperately from South Lincoln County (Kemmerer). Page 5 of 7

6 Table 4 Wyoming Cost of Living Index - Annual Inflation Rates WCLI Inflation Rate by Category (All Items): Rec & Inflation Rate by Region (All Items): Quarter U.S. CPI All Items Food Housing Apparel Trans Medical Pers Care SE SW CEN NE NW 3Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Page 6 of 7

7 WYOMING COST OF LIVING INDEX - TABLE 5 AVERAGE RENTAL RATES - 2Q13 & 2Q12 APARTMENT (1) MOBILE HOME LOT (2) HOUSE (3) MOBILE HOME (4) Percent Percent Percent Percent County 2Q13 2Q12 Change 2Q13 2Q12 Change 2Q13 2Q12 Change 2Q13 2Q12 Change Albany $665 $ % $309 $ % $1,009 $1, % $681 $ % Big Horn $416 $ % $175 $ % $495 $ % $466 $ % Campbell $686 $ % $405 $ % $1,082 $1, % $845 $ % Carbon $746 $ % $223 $ % $880 $ % $862 $ % Converse $725 $ % $228 $ % $1,164 $1, % $875 $ % Crook $533 $ % NA NA NA $573 $ % NA NA NA Fremont $571 $ % $200 $ % $903 $ % $734 $ % Goshen $590 $ % $181 $ % $618 $ % $481 NA NA Hot Springs $471 $ % $183 $ % $617 $ % NA NA NA Johnson $630 $ % $271 $ % $789 $ % $677 $ % Laramie $678 $ % $315 $ % $1,034 $ % $768 $ % Lincoln (Kemmerer) $643 $ % $425 $ % $652 $ % NA NA NA Lincoln (Afton) $471 $ % NA NA NA $713 $ % NA NA NA Natrona $806 $ % $289 $ % $1,087 $1, % $605 $ % Niobrara $506 $ % NA NA NA $594 $ % NA NA NA Park $543 $ % $221 $ % $832 $ % $637 $ % Platte $502 $ % $142 $ % $554 $ % $401 $ % Sheridan $643 $ % $354 $ % $959 $ % $491 $ % Sublette $786 $ % NA NA NA $1,192 $1, % NA NA NA Sweetwater $728 $ % $338 $ % $1,089 $1, % $835 $ % Teton $1,233 $1, % $344 $ % $1,790 $1, % $800 $ % Uinta $603 $ % $258 $ % $767 $ % $538 $ % Washakie $476 $ % $200 $ % $606 $ % $489 NA NA Weston $569 $ % $150 $ % $694 $ % $459 $ % Southeast $663 $ % $286 $ % $951 $ % $710 $ % Southwest $677 $ % $321 $ % $950 $ % $697 $ % Central $725 $ % $255 $ % $1,038 $ % $673 $ % Northeast $649 $ % $343 $ % $957 $ % $678 $ % Northwest $709 $ % $244 $ % $1,015 $1, % $631 $ % Statewide Average $683 $ % $289 $ % $981 $ % $683 $ % Regions: (1) - Two-bedroom, unfurnished, excluding gas and electric. Southeast: Albany, Carbon, Goshen, Laramie, Niobrara, Platte (2) - Single-wide, including water. Southwest: Lincoln (Afton), Lincoln (Kemmerer), Sublette, Sweetwater, Uinta (3) - Two or three-bedroom, single family, excluding gas and electric. Central: Converse, Fremont, Natrona (4) - This price reflects total monthly rental expense, including lot rent. Northeast: Campbell, Crook, Johnson, Sheridan, Weston Note: The regional averages are weighted by population within the region. Northwest: Big Horn, Hot Springs, Park, Teton, Washakie (NA) - There were too few observations to report the data. Page 7 of 7